Crude Palm Oil Breaks Down and Poised to Test Lower Levels

Vegetable oil prices have continued to decline taking out short term support levels, as a robust dollar and weak technicals have combined with strong supply to erode prices.  The dollar index hit a 12- year high this week, and given that the majority of vegetable oil is quoted in dollars, a stronger dollar leads to lower prices.

Soybean oil futures prices broke down through suport levels driving…